Bank Nifty Prediction for Tomorrow – Monday, 6th May 2024.

In the previous trading session, Bank Nifty opened higher but it won’t able to hold the early gains and started falling as we saw selling in Broader Index – where Bank Nifty made an Intraday high of 49,607 and an Intraday low of 48,659, which is almost 1000 point loss fro the day high.

Looking at the Stocks, then we can see that, there are not any aggressive selling in the Banking stocks, as almost all the banks are down by on an average of 1% but on the other hand – from the top 3 highest weightage stocks (HDFC, ICICI, and SBI), two of them are trading in green except HDFC which is down by 0.83%.

Related: Nifty Prediction for Monday, 6th May 2024

Bank Nifty Prediction Today

After opening +150 points higher on Friday, Nifty Bank closed in 300 points of loss as we saw selling in Broader Index, indicates a weak Market and its kind of predicted after it makes a shooting star on previous Tuesday, which is a bearish sign – and that is what happening right now.

So, as of now, Bank Nifty is below the support level of 49,000 which is not a good sign for the overall index, but its good that Index is taking support around the 48,500 mark, but until the Index will not be stabled above the 49,000 level we will not gonna see any further upside.

But, as the call writers have out numbered the Put writers from the 49,000 level, hence we mauy see some further weakness in the market later around the support level of 48,400 mark.

Anyway, for Monday, I am expecting a Bullish market and gap up opening in Bank Nifty, above the 49,000 level and it may rally toward the 49,300 – 49,500 level. But first the Index need to be stable above the 49,000 level in the early trading session, for any bullish move.

Green Lines are the Support Levels, and Red Lines are the Resistance Levels

Looking at the chart, then we can see that Bank Nifty is taking support from the 48,600 level in the previous trading session but 49,000 level is still acting as an immediate resistance for the index followed by 49,200, 49,375, and 49,500 level.

On the lower side, Bank Nifty have an immediate support at 49,800 level followed by 49,700, and 49,500 level.

Here is the OI data and PCR of the Bank Nifty for today,

Note:- This Data is Provided via Sensibull and has many features if you are an Option Trader, and You access all the Pro Things for “FREE” by opening your Demat Account with Zerodha.

I am expecting a bullish move on Monday, 6th may 2024

So, here is the trade setup in Bank Nifty for Monday,

If Bank Nifty open gap up then wait for it to stabel above the 49,000 level followed by 49,200 level (if opoens higher), then we can go for long trades till the 49,500 level.

But if Bank Nifty opens flat or started falling again then wait for it to again test the previous day reversal point, then we can again target long till the next resistance level.

Note:- For the Most Accurate Data you can revisit this Page after 11:00 AM (during Trading hours), so we can update the Trade Setup after analyzing the Market.